Sudden Account Blocking: Why Your Money is at Risk!

Savings bank customers are increasingly reporting sudden account closures, which often lead to loss of access to their assets. The main reason for these measures is suspicious transactions that may raise suspicions of money laundering. Lawyer Martin Wehrmann recommends acting quickly if an account is blocked to remove the blocking. Banks are required by law to check suspicious cash deposits and unusual transactions. Withdrawals from crypto exchanges from abroad can also be classified as suspicious, which will lead to the account being blocked.

In accordance with the Money Laundering Act (GwG), the savings bank must block the account in the event of suspected cases. Therefore, it is advised to seek legal help immediately if someone is affected by an account suspension. Proactive action and dialogue with the bank are crucial in order to prevent possible account closures. It should also be noted that account blocks can also occur due to breaches of contract or non-accepted changes to the General Terms and Conditions (GTC). In addition, the tax office can also order an account to be blocked, for example if taxes are not paid properly. Another aspect is the use of artificial intelligence by banks, which can also lead to unlawful account closures if errors occur. If the bank does not respond to attempts to communicate, the only option is often to take legal action, although pressure on the bank should be avoided in order to prevent negative consequences, such as chip.de reported.

Complexity of suspected money laundering cases

Account blocking due to suspected money laundering is a complex issue and can have serious consequences for private individuals and companies. Those affected often only find out that their account has been blocked when they attempt to pay. Money laundering is the process of introducing illegal profits into the legal financial circuit in order to conceal their origin. This practice is legally defined as a criminal offense in Germany according to Section 261 of the Criminal Code and carries significant penalties.

The fight against money laundering has become increasingly important in recent years as illegal financial flows represent an ever-increasing security problem. Banks and financial institutions play a central role in the fight against money laundering and are legally obliged to comply with national laws and European guidelines such as the 5th EU Money Laundering Directive. The current Money Laundering Act (AMLA) regulates the identification of suspicious transactions and reporting them to the responsible authorities. According to Section 10 of the GwG, banks are obliged, among other things, to check the identity of their customers and report suspicious activities. If money laundering is suspected, banks must immediately report suspicions to the Financial Intelligence Unit (FIU). In addition, Section 56 of the AMLA allows banks to block accounts or interrupt payment transactions if there is sufficient suspicion. Banks often act quickly to avoid high fines and criminal consequences. In this regard, courts have confirmed that banks are allowed to block accounts if money laundering is suspected as part of their duty of care. However, the blocking only has to remain in place as long as the suspicion persists and the investigation continues. An example of an affected customer is Fridolin from Singen, who was surprised by his account being blocked after a large payment from a new business partner. In such a case, it is advisable to react quickly, contact the bank and, if necessary, seek legal advice on how to do so dr-schulte.de highlights.